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In its hunt for the next big thing in business, BankSA is offering local entrepreneurs the chance to win a $10,000 cash injection to help turn their business idea into reality.

Announcing that applications for BankSA’s Jump Start Your Start Up are now open, BankSA Chief Executive Nick Reade said the initiative was looking to unearth innovative and visionary start-ups.

“We’re excited to be offering this $10,000 cash injection to local entrepreneurs and can’t wait to see what we uncover in the latest Jump Start call out for new ideas and ventures,” Mr Reade said.

“The small business sector in South Australia is a critical part of the economy and we understand that getting a new business idea off the ground, no matter how great it is, can be a long and difficult process.

“Through Jump Start we want to support and reward an entrepreneur with a strong and innovative business idea in a way that will help make it a reality. And just as importantly, we want to keep great young talent in South Australia.”

Last year’s winners Mal Chia and Oli Young have used their $10,000 prize to grow their business Musio.co, a website and mobile app that connects up and coming musicians with influencers in the music industry.

The website allows users to upload music and privately send it to relevant people in the music industry. It also allows the industry to better manage the tracks they receive easily and in a single place on their phone, laptop or tablet.

“Winning the BankSA Jump Start competition gave us the confidence we needed to take Musio to the next step,” Mr Chia said.

“Having the backing and validation from a great organisation like BankSA caught the attention of the tech community and helped open many doors.

“The funding meant that we were able to dedicate a day a week to turning Musio into a reality by accelerating our development and allowing us to access specialist help in areas such as design and finance.

“Today, Musio is in a closed beta with over 100 users uploading and sharing tracks. The technology has caught the interest of some overseas parties and we’re currently in discussions about how it could work for fields outside of music.”

Mr Reade said South Australian businesses have shown great innovation in recent times and have strongly embraced new technology in a way that has helped overcome the issue of distance from markets.

Jump Start Your Start Up is but one part of BankSA’s package of initiatives designed to establish, enhance and support South Australia’s entrepreneurship and thriving small business community.

As part of this commitment, BankSA is also sending a group of small business customers to TEDxSydney on 21 May, where they’ll hear from some of the world’s most influential speakers across technology, business and design.

Applications for Jump Start Your Start Up close on July 3.Entrants are asked to provide a business plan and financial details, including an overview of the business, its legal status, a marketing plan and a summary of business services and products.